MIRA INFORM REPORT
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Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SILAG HANDEL AG |
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Registered Office : |
Liebigstrasse 1-9 Langenfeld (Rheinland), 40764 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.10.1993 |
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Com. Reg. No.: |
56019 |
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Legal Form : |
Public Parent |
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Line of Business : |
Wholesale of furniture, jewellery, musical instruments, photographic goods etc. |
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No. of Employees : |
170 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GERMANY - ECONOMIC OVERVIEW
The German economy - the fifth
largest economy in the world in PPP terms and Europe's largest - is a leading
exporter of machinery, vehicles, chemicals, and household equipment and
benefits from a highly skilled labor force. Like its Western European
neighbors, Germany faces significant demographic challenges to sustained
long-term growth. Low fertility rates and declining net immigration are
increasing pressure on the country's social welfare system and necessitate
structural reforms. Reforms launched by the government of Chancellor Gerhard
SCHROEDER (1998-2005), deemed necessary to address chronically high
unemployment and low average growth, contributed to strong growth in 2006 and
2007 and falling unemployment. These advances, as well as a government
subsidized, reduced working hour scheme, help explain the relatively modest
increase in unemployment during the 2008-09 recession - the deepest since World
War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew
by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to
rebounding manufacturing orders and exports - increasingly outside the Euro
Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a
reflection of the worsening euro-zone financial crisis and the financial burden
it places on Germany as well as falling demand for German exports. Domestic
demand is therefore becoming a more significant driver of Germany's economic
expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and
tax cuts introduced in Chancellor Angela MERKEL's second term increased
Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax
revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A
constitutional amendment approved in 2009 limits the federal government to
structural deficits of no more than 0.35% of GDP per annum as of 2016.
Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel
announced in May 2011 that eight of the country's 17 nuclear reactors would be
shut down immediately and the remaining plants would close by 2022. Germany
hopes to replace nuclear power with renewable energy. Before the shutdown of
the eight reactors, Germany relied on nuclear power for 23% of its energy and
46% of its base-load electrical production.
Source : CIA
Company name and address
SILAG Handel AG
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Business
Description
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SILAG Handel AG is primarily engaged in wholesale of furniture; wholesale
of jewellery; wholesale of musical instruments; wholesale of photographic
goods; wholesale of toys and games; wholesale of travel and fancy goods; and
wholesale of other household goods not elsewhere classified. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Corporate Structure News
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SILAG Handel AG |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Langenfeld (Rheinland), Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
120.9 |
170 |
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Subsidiary |
Langenfeld (Rheinland), Nordrhein-Westfalen |
Germany |
Miscellaneous Transportation |
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8 |
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Subsidiary |
Langenfeld |
Germany |
Advertising |
24.5 |
4 |
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Subsidiary |
Langenfeld (Rheinland), Nordrhein-Westfalen |
Germany |
Construction Services |
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2 |
Executives Report
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SILAG Handel AG Files Patent Application for Lid for a Pressure Cooking
Pot
Indian Patent News
15 September 2012
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[What follows is
the full text of the article.] New Delhi, Sept.
15 -- Germany based SILAG Handel AG filed patent application for lid for a
pressure cooking pot. The inventors are Schultz Horst and Lapawa Siegfried. SILAG Handel AG
filed the patent application on Feb. 6, 2012. The patent application number
is 299/MUMNP/2012 A. The international classification number is A47J 45/07. According to the
Controller General of Patents, Designs & Trade Marks, "The invention
relates to a lid for a pressure cooking pot in which an upper lid mod-ule
consisting of a closure unit with a button and a middle plate is fixed
removably on a centrally arranged valve housing of an edged lid with sealing
of a lower lid mod-ule and can be removed from the lower lid module together
with a latching mechanism." Copyright
Contify.com
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
120.9 |
129.4 |
176.7 |
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Raw materials and services |
90.9 |
102.4 |
117.5 |
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Net sales |
120.9 |
129.4 |
176.7 |
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Other operating income |
18.4 |
23.7 |
23.8 |
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Raw materials and consumables employed |
90.9 |
102.4 |
117.5 |
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Other external charges |
1.8 |
1.4 |
0.7 |
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Cost of goods sold |
92.7 |
103.8 |
118.3 |
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Cost of raw materials |
92.7 |
103.8 |
118.3 |
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Taxes and social security costs |
1.5 |
1.1 |
1.3 |
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Total payroll costs |
9.5 |
7.9 |
8.4 |
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Fixed asset depreciation and amortisation |
1.0 |
1.1 |
1.5 |
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Other operating costs |
56.9 |
51.4 |
50.4 |
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Net operating income |
7.7 |
14.7 |
47.2 |
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Other income |
2.6 |
4.3 |
2.4 |
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Interest payable on loans |
2.3 |
0.9 |
0.6 |
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Other expenses |
- |
- |
7.9 |
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Total expenses |
-0.2 |
-3.7 |
7.7 |
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Profit before tax |
7.9 |
18.4 |
39.5 |
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Provisions |
35.2 |
38.7 |
36.0 |
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Other taxes |
0.2 |
0.0 |
0.0 |
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Total taxation |
11.0 |
5.5 |
10.9 |
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Net profit |
- |
12.9 |
28.6 |
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Net loss |
-3.3 |
- |
- |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Issued capital |
3.4 |
3.7 |
3.6 |
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Legal reserves |
0.3 |
0.4 |
0.4 |
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Other reserves |
3.3 |
3.6 |
3.5 |
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Total reserves |
3.7 |
3.9 |
3.8 |
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Profits for the year |
96.4 |
106.7 |
90.4 |
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Total stockholders equity |
103.5 |
114.3 |
97.8 |
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Deferred taxation |
15.3 |
12.9 |
8.3 |
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Other provisions |
19.9 |
26.7 |
25.6 |
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Provision for pensions |
0.5 |
0.3 |
0.2 |
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Provisions and allowances |
35.7 |
39.9 |
34.2 |
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Other debentures |
0.0 |
2.2 |
2.9 |
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Total long-term liabilities |
0.0 |
2.2 |
2.9 |
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Trade creditors |
15.6 |
14.1 |
11.0 |
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Other loans |
29.2 |
30.2 |
14.0 |
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Taxation and social security |
3.0 |
0.6 |
0.5 |
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Due to group companies |
0.1 |
- |
- |
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Owing to participants |
- |
- |
0.5 |
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Total current liabilities |
48.0 |
44.9 |
26.0 |
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Total liabilities (including net worth) |
187.2 |
201.2 |
160.9 |
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Patents |
0.3 |
0.3 |
0.2 |
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Intangibles |
0.3 |
0.3 |
0.2 |
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Land and buildings |
0.6 |
0.8 |
0.9 |
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Machinery and tools |
0.4 |
0.4 |
0.4 |
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Fixtures and equipment |
0.6 |
0.8 |
0.9 |
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Fixed assets under construction |
- |
0.1 |
- |
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Total tangible fixed assets |
7.1 |
6.6 |
7.1 |
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Shares held in associated companies |
1.8 |
1.9 |
1.7 |
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Total financial assets |
1.8 |
1.9 |
1.7 |
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Total non-current assets |
9.2 |
8.9 |
9.0 |
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Finished goods |
33.5 |
17.9 |
7.8 |
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Net stocks and work in progress |
33.5 |
17.9 |
7.8 |
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Trade debtors |
- |
14.9 |
24.9 |
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Other receivables |
95.0 |
63.7 |
18.0 |
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Total receivables |
95.0 |
97.8 |
45.4 |
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Owing from associated companies |
- |
19.2 |
2.5 |
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Cash and liquid assets |
49.2 |
76.1 |
74.5 |
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Marketable securities |
- |
- |
24.1 |
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Short-term investments |
- |
- |
24.1 |
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Total current assets |
177.7 |
191.9 |
151.8 |
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Prepaid expenses and deferred costs |
0.3 |
0.5 |
0.0 |
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Total assets |
187.2 |
201.2 |
160.9 |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
37.03 |
42.73 |
58.50 |
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Acid test ratio |
30.04 |
38.74 |
55.50 |
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Total liabilities to net worth |
0.05% |
0.04% |
0.03% |
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Net worth to total assets |
0.06% |
0.06% |
0.06% |
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Current liabilities to net worth |
0.05% |
0.04% |
0.03% |
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Current liabilities to stock |
0.14% |
0.25% |
0.33% |
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Fixed assets to net worth |
0.01% |
0.01% |
0.01% |
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Collection period |
- |
409.00 |
540.00 |
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Stock turnover rate |
2.74 |
1.34 |
0.46 |
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Profit margin |
0.00% |
0.01% |
0.02% |
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Return on assets |
0.00% |
0.01% |
0.02% |
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Shareholders' return |
0.00% |
0.01% |
0.03% |
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Sales per employee |
49.33 |
57.44 |
66.75 |
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Profit per employee |
-1.34 |
5.73 |
10.81 |
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Average wage per employee |
3.87 |
3.51 |
3.16 |
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Net worth |
103.5 |
114.3 |
97.8 |
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Number of employees |
185 |
162 |
181 |
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
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|
1 |
Rs.85.45 |
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Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.